There are more self-employed people in the UK than ever before, which is a great opportunity for brokers willing to take the time to understand their needs – but it’s not always straight forward to place them. Non-standard income streams, lack of accounts and tough income requirements are just some of the issues you can face.
We look at more than just credit scores, and we’ll help wherever we can. Our relationship partners will be happy to talk through your case on the phone or using our online chat facility.
To calculate income, we take net profit before tax, plus the directors salary in the case of a limited company, averaged over three years.
Ultimately, affordability will be a key factor, but remember we do consider customers with more than one source of income.
Unique solutions for unique clients
Every contractor is different, and sometimes their work patterns or income streams don’t fit neatly into the boxes of a mortgage application. That’s why we take a flexible approach to contractors, and are happy to consider applications from contractors in any industry.
If your clients can meet our criteria, we’ll be happy to help:
- Contracts should have a fixed start and end date
- They should receive a fixed income throughout the contract
They should have at least two years’ continuous contracting work history
Even if they’ve been contracting for less than two years, we may still be able to consider them if they have at least two years’ experience in their industry.
Any questions?
Take a look at our contractor lending criteria or give us a call before you submit an application – we’ll talk through your case and let you know what you may need
